German companies express interest in Libyan oil and gas sector: NOC

By Sami Zaptia.

German companies are interested in investing in Libya's oil and gas sector the NOC reported (Photo: NOC).

German companies are interested in investing in Libya’s oil and gas sector the NOC reported (Photo: NOC).

London, 11 March 2019:

German companies expressed their desire to return and invest in Libya, and specifically in the oil and gas sector, Libya’s National Oil Corporation (NOC) reported.

The German expression of interest was made during the Libyan-German Economic Forum held on 8 March in Tunis. The event was attended by NOC Chairman Mustafa Sanalla, Tripoli Central Bank of Libya Governor Saddek El Kaber and Presidency Council Deputy head Ahmed Maetig, Oliver Owcza, Germany’s Ambassador to Libya, as well as representatives from the Libyan Ministry of Local Government, NOC subsidiaries, and German financial institutions and corporations .

Mutual commercial opportunities, including investment in development projects, the support of small and medium-sized enterprise growth, specialised technical training, Libya’s economic recovery and in-country investment opportunities were the focus of discussions, the NOC reported.

During his remarks, Sanalla highlighted the opportunity open to German and international companies in the oil sector: “Libya is rich in hydrocarbon reserves, making it an attractive prospect for inward investment. Additional technological expertise can help drive production output, thereby contributing to our strategic outlook and through increased oil and gas production, help drive our national recovery.”

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